It would be wise for you to take into account the large range of positions accessible if you have an interest in a career in banking. A high school graduation and graduate degree are required for a variety of banking positions, some of which have part-time working hours and others that have extremely demanding schedules. Take into account the prospective pay and employment requirements for various banking roles when deciding which career path to take. In this post, we’ll talk about how to become a banker and the top 30 careers in banking.
What is a banker’s job?
Investment banking and retail banking are two of the most well-known job pathways in the broad field of banking. Bankers support people or businesses in managing their money in either direction. This assistance in banking could be with answering inquiries, processing transactions, managing funds, recommending financial and investment management techniques, approving loans, or managing mergers and acquisitions, depending on the specific role.
How to prepare for a career in banking
You may need to finish multiple years of education and an internship, depending on the type of position you want in the banking sector. The following three actions can help you develop a career in banking:
1. Obtain a diploma from high school
Having a college degree may or may not be necessary to land a job in a retail bank. For instance, if you wish to work as a commercial teller, a high school diploma, respectable academic standing, and prior banking experience may be required.
2. Get a degree.
You can become a personal banker if you have a bachelor’s degree in finance, business, economics, or accounting. An MBA or another master’s degree in finance may be necessary for certain banking positions, such as investment banking. With these degrees, you can personalize your education to concentrate on your field of interest while demonstrating your dedication to the subject and your capacity for challenging courses.
3. Finish an internship.
A corporation could mandate or advise you to finish an internship at an investing firm depending on your career goals. This opportunity allows you to use your classroom learning in a practical situation and to network with potential future employers and coworkers.
30 careers in the banking sector
The following 30 positions are available in banking:
1. A financial expert
National average yearly salary: $71,511
Primary responsibilities: Investors with a career in banking seeking advice on the greatest money-investing methods should consult financial specialists. To do this, they take into account the available investments and contrast them with knowledge of a specialized field (such as a particular location or sector) to predict the behaviors of those investments. Financial analysts research and analyze financial data to provide investment advice, help companies make financial decisions, and identify market trends.
2. Personal banker
National average yearly wage: $35,248
Primary responsibilities: Customers with more complicated banking demands than those served by a retail bank teller typically turn to personal bankers who work in retail banks. For instance, personal bankers with a career in banking can assist clients in applying for loans to purchase a home or automobile, or they can assist a small business meet its banking requirements. Additionally, they play a sales-related role by recommending the bank’s services and goods.
3. Broker
National average yearly salary: $74,036
Primary responsibilities: Brokers with a career in banking are employed by financial organizations to market goods to customers, such as bonds and stocks. To give their clients the greatest advice, they must stay informed on the worth of these products and their trends.
4. Auditor
National average yearly salary: $68,190
Primary responsibilities: A financial report’s correctness and legality are assessed by an auditor. Auditors with a career in banking could aid a company by offering suggestions on how to spend money more effectively and keep financial and tax regulations in order. Auditors with a career in banking examine financial records to ensure accuracy and compliance with laws and regulations. They may also make recommendations for improving financial management practices.
5. Loan agent
National average yearly salary: $161,477
Primary responsibilities: Loan officers with a career in banking evaluate a loan applicant’s anticipated capacity to pay back the loan through underwriting. They achieve this by taking into account financial records and by utilizing automated software with pre-programmed calculations. To market loans to people and businesses, this position also needs some sales and client service skills. Loan officers evaluate loan applications and decide whether to approve or deny them. They may also work with clients to develop repayment plans and advise them on financial options.
6. A financial analyst
National average yearly wage: $66,442
Primary responsibilities: Financial examiners with a career in banking are frequently, but not constantly hired by the federal government. They could work for financial institutions as well. They monitor whether banks are following the law and maintaining the necessary cash reserves.
7. Branch manager
National average yearly wage: $57,222
Primary responsibilities: A bank branch manager with a career in banking controls the daily operations of a retail bank branch, including personnel management, budgeting, client service, and setting and meeting productivity objectives. Branch managers oversee the operations of bank branches, including managing staff, developing marketing strategies, and meeting customer service goals.
8. A bank teller
National average hourly wage: $13
Primary responsibilities: In credit unions and retail banks, bank tellers with a career in banking help members of the neighborhood with their private banking needs. They respond to inquiries about banking and carry out desired transactions. They play a customer-focused job and frequently provide the public with their initial assessment of their bank. Bank tellers interact directly with customers, handling deposits, withdrawals, and other transactions. They may also provide information about bank products and services.
9. Accountant
National average yearly wage: $54,621
Primary responsibilities: Accountants with a career in banking assess and report on a person’s or company’s financial situation. They can be in charge of bookkeeping and guide cutting costs and increasing profits.
10. A financial manager
National average yearly wage: $66,307
Primary responsibilities: Financial managers with a career in banking monitor expenses and losses for a particular business or organization to manage overall financial performance. In addition, they oversee employees who work in accounting and finance.
11. A budget analyst
National average yearly salary: $80,828
Primary responsibilities: A budget analyst with a career in banking assists a particular organizational board with budgeting by assessing ongoing costs and expenditures and weighing the advantages of ongoing costs versus their liabilities.
12. Investment banker
National average yearly wage: $86,219
Primary responsibilities: A corporate investment banker with a career in banking provides advice, negotiates, and executes high-value transactions. Examples of these include corporate mergers and acquisitions of a specific business by another. Competitive persons that feel comfortable working long hours are most suited for this profession. The potential earnings in return can be very substantial. Investment bankers help companies and governments raise money by underwriting and selling securities. They may also provide advice on mergers and acquisitions.
13. Financial manager
National average yearly wage: is $134,180
Primary responsibilities: Financial managers with a career in banking oversee the financial activities of organizations and develop strategies to improve financial performance. They may also prepare financial reports and budgets.
14. Credit analyst
National average yearly wage: $73,650
Primary responsibilities: Credit analysts with a career in banking evaluate the creditworthiness of individuals and companies applying for loans. They may also develop credit scoring models and make recommendations to lending institutions.
15. Actuary
National average yearly wage: $118,970
Primary responsibilities: Actuaries with a career in banking use mathematical and statistical models to assess risk and uncertainty in financial and insurance industries. They may also help develop insurance policies and pension plans.
16. Operations manager
National average yearly wage: $103,650
Primary responsibilities: Operations managers with a career in banking oversee the day-to-day operations of banks and financial institutions. They may also develop policies and procedures to improve efficiency and productivity. The average yearly salary for an operations manager is.
17. Compliance officer
National average yearly wage: $72,520
Primary responsibilities: Compliance officers with a career in banking ensure that banks and financial institutions comply with laws and regulations governing financial transactions. They may also develop and implement compliance programs.
18. Trust officer
National average yearly wage: $90,640
Primary responsibilities: Trust officers with a career in banking manage trusts, estates, and other financial assets for clients. They may also provide advice on estate planning and asset management.
19. Wealth manager
National average yearly wage: $123,100
Primary responsibilities: Wealth managers with a career in banking provide investment advice and financial planning services to high-net-worth individuals and families. They may also manage investment portfolios and provide tax planning advice.
20. Risk manager
National average yearly wage: $122,840
Primary responsibilities: Risk managers with a career in banking identify and assess potential risks to banks and financial institutions and develop strategies to minimize those risks. They may also develop risk management policies and procedures.
21. Financial planner
National average yearly wage: $89,160
Primary responsibilities: Financial planners provide investment advice and financial planning services to individuals and families. They may also help clients develop long-term financial goals and create investment portfolios.
22. Loan processor
National average yearly wage: $63,270
Primary responsibilities: Loan processors work with loan officers to gather and verify information about loan applicants, such as income and credit history. They may also prepare loan documents and communicate with clients about loan status.
23. Operations Manager
National average yearly wage: $103,650
Primary responsibilities: Operations managers oversee the day-to-day operations of a bank, including managing staff, customer service, and ensuring compliance with regulations.
24. Personal Financial Advisor
National average yearly wage: $89,160
Primary responsibilities: Personal financial advisors provide advice on investments, insurance, mortgages, and other financial matters to individuals. They also help clients develop financial plans and strategies.
25. Quantitative Analyst
National average yearly wage: $88,890
Primary responsibilities: Quantitative analysts use mathematical and statistical methods to analyze financial data and develop investment strategies. They may work for banks, hedge funds, or other financial institutions.
26. Risk Manager
National average yearly wage: $123,100
Primary responsibilities: Risk managers identify and analyze potential risks to a bank, and develop strategies to mitigate those risks. They may specialize in credit risk, market risk, operational risk, or other areas.
28. Securities, Commodities, and Financial Services Sales Agent
National average yearly wage: $65,940
Primary responsibilities: Sales agents sell securities, commodities, and financial services to businesses and individuals. They may work for investment banks, brokerages, or other financial institutions.
29. Trust Officer
National average yearly wage: $91,620
Primary responsibilities: Trust officers manage trusts for individuals and organizations, including managing investments, distributing assets, and ensuring compliance with regulations.
30. Underwriter
National average yearly wage: $76,290
Primary responsibilities: Underwriters evaluate insurance applications and determine whether to approve or deny coverage. They may also evaluate loan applications or securities offerings.
It is important to note that the salary ranges for these careers can vary depending on factors such as experience, education, location, and company size. Additionally, some of these careers may require specific certifications or licenses.
Skills needed for a career in banking
A career in banking requires a combination of technical and interpersonal skills. Below are some of the skills needed for a successful career in banking:
- Analytical skills: Bankers need to analyze large amounts of data, such as financial statements, credit reports, and market trends. They must be able to interpret this data and make informed decisions.
- Financial skills: Bankers must have a solid understanding of finance, including accounting principles, financial markets, and investment strategies.
- Communication skills: Bankers need to communicate complex financial information to clients and colleagues clearly and concisely. They also need to be able to build relationships with clients and work collaboratively with colleagues.
- Attention to detail: Bankers must be detail-oriented, as even a small error can have significant financial consequences. They need to be able to spot discrepancies in financial data and ensure accuracy.
- Problem-solving skills: Bankers must be able to identify problems and develop solutions quickly. They need to be able to think creatively and outside of the box to solve complex financial problems.
- Time-management skills: Bankers need to be able to manage their time effectively, as they often have multiple tasks and projects to complete. They must be able to prioritize tasks and meet deadlines.
- Technology skills: Bankers must be comfortable using a variety of financial software and technology tools, such as Excel, Bloomberg, and trading platforms. They must be able to adapt quickly to new technologies and software programs.
- Sales skills: Bankers need to have strong sales skills to sell financial products and services to clients. They must be able to understand their client’s needs and offer customized solutions.
- Leadership skills: Bankers who advance to management positions need to have strong leadership skills. They must be able to inspire and motivate their teams to meet organizational goals and objectives.
- Ethical and legal compliance: Bankers must adhere to ethical and legal standards, such as anti-money laundering regulations and consumer protection laws. They must have a strong sense of ethics and integrity in all of their financial dealings.
The typical work environment for bankers
The typical work environment for bankers varies depending on the type of bank and position. Some bankers work in traditional office settings while others may work in branch locations interacting with customers.
Many bankers work full-time and may be required to work weekends and evenings to meet the needs of clients. Bankers also need to be able to work well under pressure and manage a variety of tasks simultaneously. Depending on the position, bankers may work independently or as part of a team, requiring strong communication and collaboration skills.
Career advancements opportunities for bankers
There are several career advancement opportunities for bankers depending on their interests, skills, and experience. Here are some of the common career advancement options in banking:
- Management: Bankers can advance to management positions where they oversee the daily operations of a bank or a specific department.
- Investment Banking: Bankers can specialize in investment banking, which involves advising clients on financial transactions such as mergers, acquisitions, and public offerings.
- Risk Management: Banks require professionals to manage their risk exposure. Bankers can specialize in risk management, which involves identifying and assessing risks and developing strategies to mitigate them.
- Compliance: Compliance is an essential function in the banking industry, and bankers can specialize in ensuring that banks comply with legal and regulatory requirements.
- Wealth Management: Wealth management involves providing investment advice to high-net-worth clients. Bankers can specialize in this area to provide personalized investment advice and portfolio management services.
- Sales and Trading: Bankers can specialize in sales and trading, which involves buying and selling securities on behalf of clients or the bank itself.
- Treasury Management: Bankers can specialize in treasury management, which involves managing a bank’s cash and liquidity, as well as its investment portfolio.
These are just a few of the many career advancement options available for bankers. The banking industry offers a diverse range of opportunities for professionals looking to advance their careers.
The job outlook for careers in banking
According to the Bureau of Labor Statistics (BLS), the employment of banking and financial services occupations is projected to grow 5% from 2029 to 2030, which is faster than the average for all occupations. However, this growth rate can vary depending on the specific career within banking.
For example, the employment of personal financial advisors is projected to grow 7% from 2029 to 2030, which is much faster than the average, while the employment of loan officers is only projected to grow 3%, which is slower than the average. Overall, individuals interested in pursuing a career in banking should research the specific career they are interested in to determine the job outlook for that role.
Conclusion
In conclusion, careers in banking can offer a wide range of opportunities for individuals who are interested in finance and business. With the potential for high salaries and various career paths, it can be a rewarding field for those who are willing to put in the work and build their skills.
However, the industry is also highly competitive and demands a strong work ethic, excellent communication skills, and the ability to adapt to a fast-paced and ever-changing environment. If you have a passion for finance and are interested in pursuing a career in banking, it is important to research your options and determine which path is right for you. With dedication and hard work, a successful career in banking is within reach.
Frequently Asked Questions about a Career in Banking
- What education and qualifications do I need to have a career in banking?
To work in banking, you typically need at least a bachelor’s degree in finance, accounting, economics, or a related field. Depending on the specific role, you may also need additional certifications such as the Chartered Financial Analyst (CFA) or Certified Financial Planner (CFP).
- What skills do I need to succeed in a banking career?
Successful bankers have strong analytical, communication, and problem-solving skills. They also possess excellent customer service skills, attention to detail, and the ability to work well under pressure. Proficiency in financial software and systems is also essential.
- What are some common roles in the banking industry?
Some common roles in the banking industry include financial analysts, investment bankers, loan officers, bank tellers, credit analysts, and financial advisors.
- What is the salary range for careers in banking?
Salaries in banking can vary greatly depending on the role, experience, and location. According to the U.S. Bureau of Labor Statistics, the median annual wage for financial analysts is $83,660, while the median annual wage for loan officers is $63,960.
- How can I advance my career in banking?
Advancing in the banking industry typically requires a combination of education, experience, and networking. Pursuing additional certifications such as the CFA or CFP can increase your marketability and demonstrate your expertise in the field. Gaining experience through internships or entry-level roles and building a strong professional network can also help you advance your career in banking.